Continuing on from the last years great performance the Salt Lake Housing Market continued to perform well in the 1st Quarter 2018. In fact, the 1st quarter saw a new milestone with the median sales price for a Salt Lake County home breaking the $300,000 level. If you want to buy a home in the valley then the median price of now stands at $303,950, rising 10.53% in the last year.
For some time now, buyers have struggled with the lack of choice, and while numbers suggest this did ease slightly in the first quarter, buyers still will not see a lot of improvement. There were more homes being listed with 5,019 homes listed in the quarter, but this was only an increase of around 3%, and a lot of this was due to the very mild winter. Along with more homes being listed, there was also an increase in sales, with 3,648 homes sold, up 4.77%. The other key data point, days on market remained unchanged at 20 days.
The single-family home segment of the market set a new median price record of $344,840, up an impressive 13.07%. New listings and homes sold both saw marginal increases of just over 2%, while the days on market clicked down 1 day to stand at 23 days.
The areas experiencing the biggest gains were dominated by Salt Lake City. 84102 is situated to the south of the Avenues, east of downtown, west of U of U and north of Liberty Park and was ones of Salt Lakes more affordable areas. Its median sales price jumped 31.31%, albeit on the back of just 28 sales. 84103 in the Avenues area, already one of the most expensive areas it climbed 20.36%. 84108 which incorporates the north east bench and Emigration Canyon areas climbed 19.52%.
Best Performing Single Family Home Zip Codes
Salt Lake City 84102 up 31.31% $440,550
Salt Lake City 84103 up 20.36% $555,000
Salt Lake City 84108 up 19.52% $299,500
The Salt Lake County condo market was not left behind setting its own milestone breaking the $200,000 mark for the first time. The new median sales price for a condo climbed 12.91% to stand at $205,780. The number of condo listings climbed over 3%, but the real shock was the number of condos sold which rocketed over 15%. The days on market did climb ever so slightly, increasing by 1 day to stand at 12 days.
Best Performing Condo Zip Codes
Salt Lake City 84108 up 43.39% $362,425
Salt Lake City 84103 up 31.81% $242,000
Murray 84107 up 24.64% $172,000
For a complete list of prices by zip code please visit our Salt Lake Home Prices page.